NZ stocks: Shares end year in positive territory

After starting the final trading session of the year in negative territory today the sharemarket rebounded to close 2005 on a positive note.

In a shortened trading session ahead of the break for the New Year the benchmark NZSX-50 gross index gained 13.1 points to 3370.5 points, while the NZSX-All capital index rose 5.47 points to 1020.48.

The stock exchange will not re-open until next Wednesday.

Hamilton, Hindin, Greene partner Grant Williamson said with no corporate news of note released today the gains were mainly due to end of year "book squaring" by institutional investors.

Mr Williamson said blue chips again led trading, with quite a few mid to small cap stocks not trading at all today.

Volumes remained thin, which he said exaggerated price movements. With another short trading week next week, Mr Williamson expected volumes to remain light.

"It may not be until mid- to later-January that we get back to normal trading volumes," he said.

Total market turnover today was worth $75 million, with 49 rises and 24 falls among the 106 stocks traded.

Telecom was down 3c at 598 earlier in the session, but finished the half-day unchanged at 601 on turnover worth $15.3 million.

Contact Energy also ended the day unchanged at 663, despite falling as low as 655 early in the session.

Carter Holt Harvey fell 1c to 250, bang on the takeover price Graeme Hart's Rank group is offering.

Fletcher Building added a positive spin to the market, gaining 7c to 755, on slim volume of $1.6 million.

Other movers today included Sky Network TV, which rose 8c to 630; Vector, down 10c at 262; Sanford up 10c at 430; Hallenstein Glasson up 20c at 475, and Nuplex up[ 10c at 460.

- NZPA